Technically, the 2-hour chart indicators are showing minor bearish signs.
Can Ether Price Hold $325?
In yesterday’s analysis, we discussed a crucial support area near $325.00. ETH/USD was successful in holding the stated $325.00 support and is currently trading in a range.
Looking at ETH/BTC, the pair started consolidating losses above the 0.042BTC support. However, the pair remains at a risk of more declines if it fails to hold the 0.042BTC support level.
Starting with the 2-hour chart of ETH/USD, there are two bullish trendlines forming around $325.00. The pair recently attempted a downside break and just managed to hold $325.00.
It seems like there was a minor increase in selling pressure on Ether, as there was no push above $335.00. On the upside, there's a connecting bearish trendline forming with resistance at $332.00. A close above $332.00 should open the doors for more gains towards the next important hurdle near $340.00.
On the downside, Ether’s price must stay above the $325.00 support. Should there be a close below $325.00, there could be further declines toward $320.00 or even $305.00.
Moving on to the 30-minute chart of ETH/USD, there is a range forming with support at $325.00 and resistance at $335.00. The pair will most likely trade in the mentioned range before it makes the next move either above $335.00 or below $325.00.
Looking at the current market sentiment, Ether is showing a few bearish signs below $332.00. The $325.00 support holds the key for the next break. Should $325.00 continues to hold declines in ETH/USD, the pair will most likely move higher in the near term.
